Why People with an Ultra-High Net Worth Are Drawn to The Bahamas
With its beautiful waters and scenery, pleasant year-round weather, and exciting culture and history to boast, it’s no surprise that many people are drawn to The Bahamas. Still, some unique factors make this amazing island nation particularly attractive to ultra-high-net-worth individuals (UHNWIs) and investors. Let’s explore some of the many reasons why The Bahamas could be the best place for those with an ultra-high net worth.
The Many Tax Benefits of The Bahamas
The Bahamas offers a stable democratic environment with relief from income, capital gains, wealth, inheritance, succession, gift, and corporate income taxes and affords timely repatriation of corporate profits. Tax revenue in The Bahamas is derived primarily from VAT, import duties, stamp duties, real property tax, casino taxes, and license fees. This makes it an appealing destination for ultra-high-net-worth individuals and businesses seeking tax efficiency and asset protection.
It Has the World’s 3rd Fastest-Growing Luxury Real Estate Market
The Bahamas is currently the third fastest-growing luxury real estate industry in the world, posting a 15% gain on average price last year, following Manila, Philippines, with 26% growth, and Dubai with 16%, according to CNBC. The Bahamas boasts stunning natural beauty, including pristine beaches and crystal-clear waters, making it a desirable location for luxury real estate investment. Many ultra-high-net-worth individuals are drawn to the opportunity to own private islands or luxury properties in this idyllic setting.
Political Stability Is the Norm
The Bahamas has a stable political environment with a long history of democracy and peaceful transitions of power. This stability provides confidence to investors and UHNWIs seeking a secure location for their investments and assets.
Global Access Makes Travel Easy
The Bahamas’ proximity to The United States and Latin America, along with extensive air and communication links and premier yacht marinas like Hurricane Hole, makes it a convenient destination for investment. It provides easy access to preferential international markets while offering a safe and regulated environment for conducting business.
The Financial Services Industry Is World-Famous for a Reason
The Bahamas has a well-established and reputable financial services industry, including banking, wealth management, and insurance sectors. This infrastructure attracts investors and UHNWIs seeking professional services to manage their wealth and investments.
Still, There’s Proper Regulatory Oversight
While the Bahamas offers favorable regulatory and tax environments, it also maintains regulatory oversight to ensure investor protection and market integrity. Investment funds based in The Bahamas are subject to regulatory scrutiny, which provides investors with confidence in the transparency and integrity of the investment process.
Record-Breaking Tourism Numbers Don’t Lie
The Bahamas has a thriving tourism industry, with world-class resorts, hotels, and attractions. This provides opportunities for investors in the hospitality sector, including hotels, resorts, and luxury villas. Surpassing all previous records, the nation welcomed over 9.65 million visitors in 2023, a 38% increase over 2022, according to Bahamas.com. Sea arrivals were also up an unprecedented 43.5% to over 7.9 Million. In short, Bahamas tourism has never been hotter.
Government Investment Incentives Aplenty
A series of investment incentives enhance the attractiveness of a low-tax environment and a stable currency. These incentives relieve customs duties on approved raw materials, equipment, and building supplies and allow exemptions from real property taxes for up to 20 years.
Permanent Residency Is Possible for Major Investors
For individuals in the international community seeking permanent residency in the Bahamas for asset and wealth management or lifestyle, a real estate investment is an excellent consideration and legal avenue to achieving that status. The Government of The Bahamas has an accelerated consideration process for granting Economic Permanent Residency (EPR) to major investors in The Bahamas and maintains a flexible immigration policy, both designed to make it easy for those with an ultra-high net worth to live and work in The Bahamas.
The Quality of Life Is Excellent
The Bahamas offers a high quality of life, with a tropical climate, beautiful landscapes, and a relaxed lifestyle. This appeals to UHNWIs and investors looking for a desirable location to live, work, or retire.
Confidentiality and Privacy Are the Norm Here
The Bahamas has strong privacy laws and regulations that protect the confidentiality of financial information. This appeals to ultra-high-net-worth individuals who value discretion and confidentiality in their financial affairs.
Local Partners Are Encouraged in Joint Ventures
International investors are encouraged to establish joint ventures with Bahamian partners. The choice of such Bahamian partners is at the absolute discretion of the investor.
Fall in Love with The Bahamas at Hurricane Hole Superyacht Marina
Whether you’re a potential investor, an ultra-high-net-worth individual considering a big move, or a traveler looking to visit and experience the beauty of The Bahamas, Hurricane Hole Superyacht Marina is your home port for adventure.
Our premier luxury marina has a wide range of slip rental and purchase options, all of the amenities you’d expect — and so much more — and a prime location on Paradise Island. One visit, and you’ll understand why we’re the right place for yachts and superyachts of all sizes. Contact us today or call 242-603-1950 to learn more.
